Credit Spreads Help Boost Client's Retirement Income

By

Kelly Kearsley

Jan. 23, 2014 10:00 a.m. ET

The 78-year-old client had been retired for 13 years and was worried about outliving his savings. He only had $52,000 left in his IRA, which he used to supplement the $3,000 he received each month from his pension and Social Security.

He had been living on a tight budget, withdrawing only $600 a month. That satisfied his required minimum distributions, but he wanted to regularly draw $800 a month to give himself some more spending...